Nervous buyers see house prices fall in largest monthly dip in four years
House prices have fallen in the largest monthly dip in four years due to buyer nerves in the wake of economic and political turmoil.
The average price of a house coming to the market is down £7,862 this month, a drop of 2.1 per cent, according to Rightmove’s latest house price index. The average price now sits at £359,137.
While prices usually dip in the lead up to Christmas, this marks a bigger fall than usual, as a frenzied housing market has cooled off slightly in recent months.
Prices will also drop by an overall average of two per cent next year, the property firm predicted.
The end of 2022 will see new seller asking prices 5.6 per cent higher than a year ago, compared to growth of 6.3 per cent last year.
Buyers have been put off following the chaotic fall-out of the mini-Budget this autumn, which triggered a surge in mortgage rate rises and saw a slimming of the availability of mortgage products.
However, buyer demand over the past two weeks is up four per cent on the same period in 2019, as rates have now started to settle.
The number of views of homes for sale on Rightmove’s platform has also risen versus this time last year, up 11 per cent.
Property experts said this was a sign there were many potential movers keeping a keen eye on the market and weighing up their options.
There are lots of “ready-to-go movers” who are waiting for the right time to get into the market next year, Rightmove’s director of property science, Tim Bannister, said.
The market was “waiting for a potential bounce back in prices in February, which will be a very important leading indicator for the spring moving season.”